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5655 3rd Ave 17,278 SF Retail Building Ferndale, WA 98248 $3,258,000 ($188.56/SF) 6.75% Cap Rate
Executive Summary
Recently converted and updated CVS located in downtown Ferndale. 6.75% cap with a NNN lease. Lease runs through 2/2032 with tenant holding Six 5 year options to renew.
17,278 sf free standing building on a 1 acre parcel with a drive thru pharmacy.
17,278 sf free standing building on a 1 acre parcel with a drive thru pharmacy.
Property Facts
Sale Type
Investment NNN
Property Type
Building Size
17,278 SF
Building Class
C
Year Built
1962
Price
$3,258,000
Price Per SF
$188.56
Cap Rate
6.75%
NOI
$219,915
Tenancy
Single
Building Height
1 Story
Building FAR
0.40
Lot Size
1.00 AC
Zoning
CTC
Parking
58 Spaces (3.36 Spaces per 1,000 SF Leased)
Frontage
117’ on 3rd Ave
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- CVS
- -
- 17,278 SF
- -
- Triple Net
- Feb 2032
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| CVS | - | 17,278 SF | - | Triple Net | Feb 2032 |
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Moderately bikeable
60/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 390229-057506-0000 | Improvements Assessment | $2,329,005 |
| Land Assessment | $991,375 | Total Assessment | $3,320,380 |
Property Taxes
Parcel Number
390229-057506-0000
Land Assessment
$991,375
Improvements Assessment
$2,329,005
Total Assessment
$3,320,380
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5655 3rd Ave
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